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Boohoo's H1 FY21 revenue jumps 45% to £817 mn
21 Oct 20 2 min read
Boohoo group, UK-based inclusive and innovative brand, posted 45 per cent revenue growth to £816.5 million in its first half (H1) for FY21 ended on August 31, 2020, compared to the revenue of £564.9 million in the same period last year. Company’s profit before tax for the six months period rose 51 per cent to £68.1 million (H1 FY20: £45.2 million).
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“There are many challenges still ahead due to uncertainties posed by the Covid-19 pandemic, but despite these challenges there are many positives from our activities in the first half,” Boohoo CEO John Lyttle, said in a press release.
Gross profit during H1 FY21 increased to £449.2 million (£306.6 million). Operating profit was £67.7 million (£44.6 million).
The group’s largest market continues to be UK, accounting for 53 per cent of group revenues. Growth of 37 per cent to £430.2 million (£315.0 million) was strong across all brands, with the three new brands acquired in the prior year augmenting this growth as they build from a low base.
In rest of Europe revenue grew 41 per cent to £123.7 million (£87.5 million) was good across all brands and all major countries, with exceptional growth rates from boohooMAN and NastyGal, particularly in Q1.
Growth in the US during H1 FY21 has been especially strong by 83 per cent to £202.2 million (£110.7 million) as the brands’ momentum builds and market share increases. PrettyLittleThing and boohooMAN continued their exceptional growth, and with all brands supported by the 6 success of social media outreach and the compelling customer proposition.
Fibre2Fashion News Desk (JL)
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